Mahindra AMC open to tie-up with foreign players

New kid in the mutual funds stable Mahindra Asset Management Company is open to forging a tie-up with foreign players, which, it believes, can add value to its existing asset management business.

"We are open to acquisition, but, we are not after volume chasing. We are more keen to have tie-ups with foreign players which can offer 'expertise'," Mahindra AMC head sales and distribution Jatinder Pal Singh told PTI. However, he said, nothing was decided as yet.

Despite being new in the AMC business, the company believes it can achieve in 4-5 years what their peers had done in the last 10-15 years, Singh said.

The company has for now launched six products including "Bal Vikas Yojana" and "Badhat Yojana" with an AUM (Asset under Management) of Rs 2,300 crore.

Singh said that the AMC was planning to expand its presence in 50-60 cities by December, 2017, up from 38 cities now. Mahindra will also come out with online sales platform from its portal in near future.